Hi friends,
I’ve always been someone that likes to consume as much information as possible. This is often in the pursuit of simply learning for fun about the world we live in. Over the past few years I’ve taken an interest in actioning my learning to understand how these things I discover can improve my life in little or large ways.
One particular area I’ve developed an interest in to action in my own life is personal finance and money management.
Now I’m not talking about what price Apple and Tesla stock closed at today, but in the functional and meaningful habits, skills, and actions that can be deployed to improve my life day by day. Money is a tool and should always be remembered that way, yet it is probably the most powerful tool we can utilise to lead the life we want to live however that may look. Grasping skills and taking advantage of opportunities relating to personal finance gives us greater choice on how to live our life.
Based on what I’ve learnt already, I feel very passionately this should not be gate kept and that everyone should have the choice to utilise this knowledge. I am hoping to open this gate and share with you all the things I’m learning along the way. I look forward to sharing what I learn in future editions with you!
Bank switching
The first easy money hack I want to share is bank switching. Whilst this won’t allow you ride off into the sunset, it will often give you a handy £150-£200 for very little effort.
Many of the UK high street banks offer cash to open a current account with them and switch in a current account from a different bank. This is a straightforward process when using the Current Account Switching Service which automatically closes and switches your account, any direct debits or standing orders, and your salary payments into the new account within 7 working days. This means you don’t need to worry about not paying your bills on time or receiving your pay.
I know that some of you may be thinking that you like your current bank or don’t want the hassle of changing your day-to-day bank account. Fear not, I’ve learnt of a way to overcome this through setting up a dummy bank account. There’s no limit to the number of current accounts you can hold so I’ve taken advantage of this. Below is a step-by-step guide to how I achieved £200 from a previous bank switching offer:
Through my normal everyday banking app I set up a second current account to become the dummy account and transferred £10 into it to make it active.
I set up two direct debits to charities (often this can be as little as £2 a month) as the requirement to receive the £200 was to switch over two active direct debits.
Once the two direct debit payments had been taken from the dummy account I open the current account with the new bank and started the switch.
When the switch was complete I deposited £1000 which was another requirement to receive the £200. However, the £1000 could be made up of smaller payments totalling £1000 so I simply transferred in £500, transferred it out, and then transferred the same £500 straight back in to meet the criteria. I then transferred the £500 back to my everyday bank account to make use of it.
I received the £200!
Some of you may be thinking that isn’t worth it for £200 just once. However, once the dummy account has been created this opens you up to very easily take advantage of the large number of UK banks offering switching incentives. In the past few months I’ve made nearly £700 by very simply switching my dummy account between banks offering cash. It is important to note that often different banks have different criteria in order to receive the switching cash, such as opening the app or depositing different amounts within different time period, so it is vital to understand these.
At time of writing, First Direct are offering £175 to switch over to them. The requirements to receive this are:
Pay in £1000 within 30 days (this can be separate deposits totalling £1000 e.g. £250 x 4 but must remain in the account overnight)
Transfer over two direct debits or standing orders from your old account. (To achieve this you can simply set up two standing orders of £1 from the account you are switching from to another of your accounts or to partner or friend and cancel the payments once you receive the £175.)
A complete guide to the process is here: https://becleverwithyourcash.com/first-direct-bank-switch-offer/#How_much_can_you_get_for_switching_to_First_Direct
When I spot more bank switching offers I will share them on here with you.
Personal highlight
On a fun note, Fantasy Premier League (FPL) is back this weekend after having a week off for the international football break. For those that don’t know or take part in FPL it’s a game where you buy football players, with in-game currency, playing in the English Premier League. You receive points based on their performance in matches, like goals and clean sheets, each week. Crucially, all FPL team managers have a budget for their team meaning you can’t just pick the best players so have to be tactical in who to select.
I am currently top of two leagues I am in with friends and in second place in my work league with 1769 points so far this season. The stress of sorting out my team in time for the deadline each week is always thrilling! As I learn the scores and scorers of the games this weekend I’m sure I will have the familiar heartbreak of the player I decided against choosing in my team scoring a hat-trick and bagging loads of points.
Thank you for reading the first edition. Let me know in the comments your thoughts and any topics you would like me discuss or research. I look forward to sharing what I learn in future editions with you!
Well, that was brill Ben.
Congratulations for picking up your first few subscribers. 👍🏻